IMX Resources extends nickel copper zone at Sleeping Giant in Tanzania

IMX Resources (ASX: IXR) and joint venture partner Continental Nickel (TSXV: CNI) have extended the Sleeping Giant zone 150 metres down plunge to the south after intersecting 53 metres at 0.52% nickel and 0.13% copper from 488 metres, including 13 metres at 1.04% nickel and 0.27% copper.

Sleeping Giant is hosted within the Nachingwea nickel copper joint venture in Tanzania.

Just as important, the Sleeping Giant zone extended 70 to 100 metres up dip to the east, plus disseminated nickel sulphide mineralisation was discovered grading between 0.2% and 0.9% nickel over wide widths in the hanging wall of the Sleeping Giant zone, within the pit shell.

The next step for the joint venture will focus on delivering an updated and expanded mineral resource in early 2012.

Supporting the resource update are some drilling highlights from September, which included:

- 47 metres at 1.62% nickel and 0.36% copper from 309 metres, including 31.5 metres at 2.03% nickel and 0.42% copper;
- 9.05 metres at 0.63% nickel and 0.01% copper from 354.95 metres; and
- 14.2 metres at 0.73% nickel and 0.14% copper from 264.2 metres.

David Massola, President and CEO of Continental Nickel, commented:

“We are pleased to have concluded a successful in-fill drilling program which has confirmed extensions to Sleeping Giant, particularly in the up-plunge, up-dip and down plunge directions.

"The confirmation and expansion of the hanging wall disseminated sulphide zones is also a significant development for the project and is expected to positively impact potential nickel production and lower stripping ratios.

"We are now focussing our efforts on delivering an updated and expanded Mineral Resource in early 2012."


Nachingwea holding structure

IMX’s interest in Nachingwea is held through a direct 25% interest in the Tanzanian joint venture company, Ngwena Limited, and indirectly through a 37.2% interest in CNI.

IMX funds its joint venture interest on a pro rata basis. CNI are manager and operator of the project.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23503/imx-resources-extends-nickel-copper-zone-at-sleeping-giant-in-tanzania-23503.html